Across
- 3. Economic system in which supply, demand, and the price system help people allocate resources and make WHAT, HOW, and FOR WHOM to production decisions; same as free enterprise economy.
- 4. Worst period of economic decline in U.S. history, lasting approximately 1929-1939.
- 6. Market in goods/services are sold illegally.
- 7. Production process requiring large amounts of capital in relation to labor.
- 11. Economic system where the allocation of scarce resources & other economic activity is the result of ritual, habit, or custom.
- 12. China's 2nd five-year plan in 1958, forced collectivization of agriculture & rapid Industrialization.
- 13. Forced common ownership of factors of production; used in former soviet union in agriculture and manufacturing.
- 14. Certificates that could be used to purchase government-owned property during privatization.
- 17. Meeting place or arrangement through buyers/sellers interact to determine price and quantity of economic production; may be local, regional, national, or global.
- 18. Shift of economy or part of economy, private ownership to government ownership.
- 20. Economic system has some combination of traditional, command, and market economies; also see modified free enterprise economy.
- 22. GDP on per person basis; can be expressed in current or constant dollars.
- 23. Economic system the government owns some factors of production & has a role in determining what and how goods are produced.
- 24. Economic system characterized by a central authority that makes most of the major economic decisions.
- 25. Compromised centralized economic plan used by soviet union & china to coordithe nate development of agriculture and Industrialism
Down
- 1. Number of people per mile squared of land area.
- 2. Successor of European coal & steel community est. 1993 by Maastricht Treaty.
- 5. Conversion of state-owned factories & other property to private ownership.
- 8. Organized way society provides for the wants/needs of people.
- 9. Fundamental restructure of soviet economy; policy introduced by Gorbachev.
- 10. Independent owned group of Japanese firms joined and governed by extensive B.O.D. to regulate company.
- 15. Economic system in which private citizens own/use factors of production to generate profits.
- 16. Economic & political system in which factors of production are collectively owned and directed by state; Theoretically classless society where everyone works for common good.
- 19. Independent polish labor union founded in 1980 by Lech Walesa.
- 21. Central planning authority in former soviet union devised & directed five-year plan.